AFSA Educates In-House Counsel on the TCPA

The American Financial Services Association participated in a session at the Association for Corporate Counsel’s annual meeting this week. The session, Call Me Maybe? The Financial Services’ Perspective on the Telephone Consumer Protection Act, served to educate in-house counsel across all industry sectors about the latest trends, rules and considerations for communicating with customers, common violations, calls made to mobile phones, class actions, potential damages, company liability for third-party calls, particularly debt collectors, and other recent issues. The panel discussion was moderated by Prabir Chakrabarty, Vice President/Associate General Counsel with Mariner Finance.

Banks, financial services companies, and many other corporations can cross wires with the Telephone Consumer Protection Act (TCPA) on a daily basis. For example, sending a text message or other communication to notify your customer about a potential issue may result in class-action lawsuits or regulatory inquiries that can aggregate damages into the millions. Not only is this area complex, but the case law and rules are ever-changing, making it critical to stay on top of the latest rules and developments.